CoinShares has officially registered a Solana ETF in Delaware today. The move comes as the U.S. Securities and Exchange Commission (SEC) asked issuers to file updated S-1 filings, hinting at approval likely by the end of the year.
CoinShares Solana ETF Gets Registered in Delaware
According to a filing with the Delaware Division of Corporations dated June 10, CoinShares has registered for the Solana ETF Trust, implying a potential S-1 filing with the U.S. Securities and Exchange Commission (SEC).
The move aligns with the latest progress on Solana ETF approval from the US SEC. On Tuesday, the securities regulator asked the potential Solana ETF issuers to file an updated S-1 form. The issuers rushed to file ETFs for altcoins, including XRP, SOL, HBAR, and SUI, in the post-Gary Gensler era. However, the SEC has yet to approve spot ETFs for any altcoin after the successful approval of Bitcoin and Ethereum.
Multiple firms including Grayscale, Fidelity, VanEck, 21Shares, and Bitwise, have filed for spot Solana ETFs amid demand from institutional clients. The SEC asked the issuers to update language regarding in-kind redemptions and how issuers would approach staking.
Bloomberg senior ETF analyst Eric Balchunas estimated Solana ETFs could be approved within two to four months. They have 90% odds of approval by the SEC.
Solana Price to Rally
SOL price jumped nearly 5% in the past 24 hours, with the price currently trading at $166. The 24-hour low and high are $156.84 and $167.24, respectively. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating a rise in interest among traders.
Analysts eye Solana to spike above the $200 psychological level first, which would confirm a further rally in SOL price. Meanwhile, popular analyst Ali Martinez predicted a 5x to 10x bull run if SOL price breaks above the $200 level.
